Bookkeeping Service

Business At A Glance

Bookkeeping Service

Startup Costs: $2,000 – $10,000Home Based: Can be operated from home.Part Time: Can be operated part-time.Franchises Available? YesOnline Operation? No

Business Overview

Bookkeeping is simply the procedure ofrecording financial transactions, or put differently, a record is madeevery time money changes hands. Providing you possess accounting orbookkeeping experience and skill, a substantial income can be earned byrunning a bookkeeping service.

Clients will largely consist of businessowners that either do not have the time or ability to set up and managea bookkeeping system for their business. Recent technologicaladvancement has made operating a bookkeeping service verystraightforward, as there are many types of small business accountingsoftware available that will not only make your job easier, but alsoenable you to service many clients at one time. Typically, bookkeepingservices charge clients a monthly fee to record and update theirfinancial records on a regular basis. Averaged, this fee translatesinto $25 to $35 per hour.

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Business At A Glance

Business Overview

In most areas of the United States andCanada a special license is not required to match clients with lendinginstitutions that specialize in providing financing solutions on alease basis for purchases ranging from automobiles to computerequipment for business use.

Operating this service is very easy. Simplysecure clients wishing to lease a product and complete and submit thelease documents to two or three leasing companies or financialinstitutions. The lenders that reply with the best lease rates andterms for your clients are the companies that will earn your clients’and your business. Revenues for the service are earned by charging thefinancial lenders a fee or a commission based on the value of the totallease amount. Income and profit potential range is $40,000 to $100,000per year.

Business At A Glance

Business Overview

Help people fulfill their dreams of homeownership by becoming an independent mortgage broker. The primaryfunction of the mortgage broker is to bring together people who want toborrow money to buy real estate, with lending institutions that advancefunds for the purpose of real estate purchases.

It should be noted thatthe rules and policies for obtaining a mortgage broker’s license differamong states and provinces, but you can contact the associations listedto find out about training and licensing requirements in your area.Once a mortgage broker has received an application from a client andchecked credit and work references, the next step is to send theapplication to one or more lending institutions for acceptance orrejection.

Mortgage brokers are typically paid a commission by thelending institution that advances the mortgage funds, ranging anywherefrom a few hundred dollars to thousands of dollars, depending on themortgage amount. Sometimes, however, in more difficult fundingscenarios’second, third, or bridge financing, for instance’a mortgagebroker will also charge the borrower a fee to cover the extra workinvolved in securing suitable financing. Most mortgage brokers handlefinding residential mortgages for their clients, but you can also workwith clients who want to renew their mortgages, increase their mortgageamounts, take out second or third mortgages, use equity for bridgefinancing, or purchase commercial properties, vacant land, incomeproperties, or vacation properties. This is very much a business thatthrives on referral and repeat business, so be sure to build workingrelationships with numerous real estate brokers and agents.

Business At A Glance

Business Overview

Business startup loans, home improvementloans, and automotive loans are all types of financing services thatcan be featured on an online loans website. Banks, venture capitalistsand other lending institutions would pay a yearly fee to be listed andfeatured on the site as well as be given space within the site topromote and give details about their lending prerequisites and otherinformation.

People seeking financing for a product or project wouldlog onto the site, select the type of loan and lending institution theyare seeking, and complete and submit an application for financing rightonline. The application would be confidential and secure and beelectronically forwarded to the lending institution(s) of their choice.

Once again, specialization is the buzzword, thus you may want toconsider specializing in one particular type of financing, like homeimprovement loans. If this route were chosen, it could open doors interms of how you market the website. In the case of home improvementloans, home improvement contractors could link their website to yoursand their customers seeking financing for a renovation project would beable to complete a financing application right from the contractor’swebsite. The contractor would pay you a fee for having the service soreadily available.